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Loan claim: FLS falls below expectations

Figures on loan agreements under the Funding for Lending Scheme (FLS) have failed to lift confidence that home buyers and start-up businesses are getting the help they need.

The Bank of England reported that, in April, 13 banks had reduced their lending activity and there was a fall of £300,000 being lent to consumers. This is in spite of the fact that £2.6 billion extra has been pumped into the scheme.

FLS has recently been extended as the chancellor believed that it would help lift the economy out of austerity and back into a recovery.

It was set up with the intention of aiding first home buyers and start-up businesses in gaining better mortgage and loan deals. This is because these groups of consumers often struggle to gain good deals due to their lack of credit history.

Yet the central bank insists that these figures are going to improve over the year.

Executive director for markets, Paul Fisher, said about the results: "The plans of the FLS participants suggest that net lending volumes will pick up gradually through the remainder of 2013."

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801594979-ADNFCR

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